British Land promotes green initiatives at London offices

REIT believes that energy saving ideas are not just a lot of hot air

Article posted: 18 Jan 2012

British Land, One of the UK’s largest REITs is determined to show that energy saving initiatives are not just a lot of hot air. After reducing energy costs by almost a third in its shopping centres and retail parks, British Land is now focusing its environmental efforts on office developments.

At an event hosted by British Land with University College, London’s Energy Institute, Justin Snoxall presented findings which demonstrate that management by the landlord, energy saving behaviours by the occupiers and focused capital investment are the way to create greener and more cost effective office space.

British Land’s trials of automated meter reading systems (AMR) show that landlords can have a direct influence on almost half of all energy used in an office building. Occupiers are switching on to the benefits of greater collaboration between themselves, landlords and building management teams.

In tandem with energy saving initiatives, British Land has introduced a six monthly energy consumption report for its occupiers. This shows each occupier’s use of energy and compares it to the same period last year and their performance against all others in the building. The end result is friendly competition and incentives to become more efficient.

British Land is one of Europe’s largest Real Estate Investment Trusts with total assets, owned or managed, of £15.6bn, focussing on prime retail locations and offices in Central London which attract high quality occupiers committed to long leases.

33% of British Land’s portfolio is made up of office space in the West End and City of London. The REIT is also investing £1.1bn to create the Capital’s largest committed office development programme which will deliver 2.2m sq ft of high quality office space in Central London by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London’s insurance district and a 500,000 sq ft mixed office and residential scheme at Regent’s Place in the West End.

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Posted by Sam